Fieldpax Limited 31/01/2020 iXBRL

Fieldpax Limited 31/01/2020 iXBRL

FIELDPAX LIMITED - Company Information

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Company registration number: 03670396
Fieldpax Limited
Abridged filleted financial statements
31 January 2020
Fieldpax Limited
Contents
Directors and other information
Directors responsibilities statement
Abridged statement of financial position
Notes to the financial statements
Fieldpax Limited
Directors and other information
Directors Mr I R Seamark
Mr J Cullen
Mr R Mason
Mr S McAdam
Secretary Mr Robert Mason
Company number 03670396
Registered office Beech Gate
Peterborough Road, Whittlesey
Peterborough
Cambridgeshire
PE7 1PD
Auditor Hill Vellacott
22 Great Victoria Street
Belfast
Co Antrim
BT2 7BA
Fieldpax Limited
Directors responsibilities statement
Year ended 31 January 2020
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Fieldpax Limited
Abridged statement of financial position
31 January 2020
2020 2019
Note £ £ £ £
Current assets
Stocks 309,149 316,811
Debtors 344,920 356,445
Cash at bank and in hand 201,012 315,350
_______ _______
855,081 988,606
Creditors: amounts falling due
within one year ( 113,660) ( 223,531)
_______ _______
Net current assets 741,421 765,075
_______ _______
Total assets less current liabilities 741,421 765,075
_______ _______
Net assets 741,421 765,075
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 741,321 764,975
_______ _______
Shareholders funds 741,421 765,075
_______ _______
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
All of the members have consented to the preparation of the abridged statement of financial position for the current year ending 31 January 2020 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 31 May 2020 , and are signed on behalf of the board by:
Mr S McAdam
Director
Company registration number: 03670396
Fieldpax Limited
Notes to the financial statements
Year ended 31 January 2020
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Beech Gate, Peterborough Road, Whittlesey, Peterborough, Cambridgeshire, PE7 1PD.The principal activity of the company is the rental of equipment and the production and sale of labels.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgementsThere are no judgments (apart from those involving estimations) that management have made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements.Key sources of estimation uncertaintyAccounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2019: Nil).
5. Summary audit opinion
The auditor's report for the year dated 31 May 2020 was unqualified.
The senior statutory auditor was Mr Peter Gribben FCA for and on behalf of Hill Vellacott
6. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2020 2019 2020 2019
£ £ £ £
GSH Holdings Limited ( 588,579) ( 635,750) - -
Verti-Pack Limited ( 1,015) ( 502) ( 168) ( 361)
JMC Packaging Limited 2,609 2,520 799 1,199
Infia UK Limited - ( 3,219) ( 156) ( 167)
_______ _______ _______ _______
The above companies are related by virtue of all being in the same group.Other group companies incurred costs on behalf of the company and recharged these amounts to the company as follows; GSH Holdings Limited £4,353 (2019 - £8,752), Infia UK Limited £4,749 (2019 - £430) and Verti-Pack Limited £9,031 (2019 - £8,404). The company incurred costs on behalf of other companies and recharged these amounts to the respective companies as follows; JMC Packaging Limited £74 (2019 - £NIL) and Verti-Pack Limited £115 (2019 - £412)The company paid dividends of £79,083 (2019 - £NIL) to GSH Holdings Limited, in the year.
7. Controlling party
The company's parent undertaking is GSH Holdings Limited, a company incorporated in the UK and the ultimate parent undertaking is JMC Packaging Limited, a company incorporated in the UK.